Trinidad and Tobago: Direct and indirect tax measures proposed in 2024 budget

The Minister of Finance on 2 October 2023 presented the 2024 budget that includes the following tax-related proposals—generally effective for 1 January 2024:

• Exemption from business levy on export sales for manufacturing companies with gross receipts falling within the 30% tax bracket
• Disallowance of expenditures incurred in earning exempt income
• Increase in the sustainability incentive to 25% (from 20%) for mature or small marine oilfields
• Introduction of new threshold of $75* per barrel for supplemental petroleum tax for small shallow water producers
• Introduction of cybersecurity investment tax allowance of up to $500,000 for companies that incur expenditure in respect of investments in cybersecurity software and network security monitoring equipment
• Extension of tourism upgrade project incentive, which provides a reimbursable grant to eligible tourism accommodation facilities, by three years from 1 November 2023
• Introduction of 150% tax allowance of up to $500,000 on corporate sponsorship to public and private schools registered with the Ministry of Education

Read an October 2023 report [PDF 3 MB] prepared by the KPMG member firm in Trinidad and Tobago

_{*All amounts are in TT$}